HSBC to end funding for new oil and gas fields

HSBC has announced it will stop financing new oil and gas fields, as part of its efforts to drive down global greenhouse gas emissions. It comes following previous criticism of HSBC for funding oil and gas projects despite its green pledges. Jeanne Martin, head of the banking programme at ShareAction, a charity that campaigns for reducing investment for fossil fuels like oil and gas, said: "HSBC's announcement sends a strong signal to fossil fuel giants and governments that banks' appetite for financing new oil and gas fields is diminishing." In the update to its energy policy, the bank said the decision had been made "Follow[ing] consultation with leading scientific and international bodies" who had estimated that current oil and gas fields would meet any demand in 2050 under a "Net-zero" scenario. HSBC has said it will continue to keep its investments already in oil and gas fields as it "Recognises that fossil fuels, especially natural gas, have a role to play in the transition, even though that role will continue to diminish".

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